Are you in need of quick cash to cover unexpected expenses or emergencies? Look no further. We have handpicked the best payday loans in Canada from many payday lenders.
These short-term loans can give you the funds you need to get back on track before your next paycheck. However, they have steep interest rates and short-term repayment terms.
When picking among the best payday loans in Canada, it is important to research and compares different lenders to find the one that works best for you. This article will help make your decision easier. It focuses on the 10 best payday loans in Canada, their features, pros and cons, how to apply, and much more.
Caution: Payday loans are a risky form of borrowing that should be cautiously approached. When considering a payday loan, it’s important to carefully review the terms and conditions and consider your options before deciding.
Payday loans are expensive, charge high-interest rates and have short repayment plans. They must only be used as a last resort when you are in financial need.
They often lead many Canadians to a cycle of debt that can be difficult to escape.
The 10 Best Payday Loans in Canada
With so many options available in Canada, knowing where to start looking can be hard. Here, I have selected the best payday loans in Canada to help you decide which is right for your financial situation.
1. Money Mart
Money Mart is one of Canada’s best payday loans. It started offering financial services in 1982 and has expanded to over 500 locations since it began in Canada.
Money Mart offers online and in-person payday loans. It offers other financial products like instalment loans, money transfers, business loans, and prepaid credit cards.
Loan Details
- Loan term: 1-62 days
- Loan amount: $120 – $1500
- APR: Varies by province
- Serviced province: AB, BC, MB, NS, ON, SK
Why we recommend Money Mart
- Apply online with quick approval and get your funds in 5 minutes
- Dozens of in-person locations
- Secure service with bank-level encryption
- Free app available
Why we don’t recommend Money Mart
- Very high-interest rate
- No e-Transfers
- Not available in certain provinces
- Short repayment term
Third-Party Reviews
Money Mart is rated 4.5 on Trustpilot.ca, which makes it a good option.
How to apply for Money Mart
You can apply online or in person. When applying online, you must provide personal information and choose between Express or Standard review. Express requires instant bank verification and is the faster option. With Standard, you would send documents to Money Mart.
2. Loan Express
Loan Express has been offering smart loans in Canada for over 15 years. They offer a convenient, simple, secure way to get funds during emergencies.
Loan Express accepts applications 24/7. There’s no need to wait to get approved on bankers’ hours. You can get easy and secure loans up to $1500.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT
Why we recommend Loan Express
- Apply online with quick approval and get your funds in 5 minutes
- Receive funds through bank transfer or e-transfer
- Secure service with bank-level encryption
- Free app available
Why we don’t recommend Loan Express
- Very high-interest rate
- You must have a bank account to qualify
- Short repayment term
Third-Party Reviews
Loan Express is rated 4.8 on Trustpilot.ca, which makes it a good option.
How to apply for Loan Express
To apply, you must create an online account with Loan Express. Provide your personal information, and verify your income and identity via bank account verification.
3. PAY2DAY
Founded in 2006, PAY2DAY provides cash for everyone visiting their BC and Ontario stores. You can easily apply online and get an e-transfer to your bank account in a few hours.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $300 – $1500
- APR: Varies by province
- Serviced province: BC, NS, ON
Why we recommend PAY2DAY
- Get your first $300 loan interest-free
- Easy-to-use mobile app
- Money-back guarantee within 48 hours
- Over 30 in-person locations
- Fast e-Transfer of funds
- Accepts government assistance as income
- Refer-a-friend bonus
Why we don’t recommend PAY2DAY
- Very high-interest rate
- Not available in most provinces
- Short repayment term
Third-Party Reviews
Pay2Day is rated 3.8 on Glassdor.ca, which makes it a good option.
How to apply for Pay2Day
You can apply online or in person. You must provide personal information and agree to instant bank verification when applying online.
4. Cash Money
Cash money has helped over 1.2 million Canadians with short-term cash since it was founded in 1992. It also offers instalment loans and lines of credit.
Loan Details
- Loan term: 3 to 40 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: BC, NS, NL, ON, SK
Why we recommend Cash Money
- Receive your funds in less than 15 minutes
- Offers several payment methods
- Available online and in-store
- Fast highly-rated app
- Accepts government assistance as income
Why we don’t recommend Cash Money
- Very high-interest rate
- Not available in most provinces
- Short repayment term
Third-Party Reviews
Cash Money is rated 4.2 on Trustpilot.ca, which makes it a good option.
How to apply for Cash Money
You can apply online or in person. When applying online, you must provide personal information, like ID type and number, and verify your income and identity via instant bank verification.
5. GoDay
Founded in 2012, GoDay is headquartered in Toronto and offers same-day payday loans for everyone who applies online. There is no in-person service at GoDay.
You can get convenient payday loans up to $1500 deposited directly into your bank account. GoDay offers payday loans with flexible repayment terms that can be tailored to your unique needs.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, NS, MB, NB, ON, PEI, SK
Why we recommend GoDay
- Apply for funds 24/7 and get approved in under 5 minutes
- Get funded in as little as an hour
- Accepts government assistance as income
- Several payment methods (e-Transfer and direct deposit)
Why we don’t recommend GoDay
- Very high-interest rate
- No in-person service
- Low funding for first-time borrowers
- You must have a bank account with direct deposit enabled
- Short repayment term
Third-Party Reviews
GoDay is rated 4.4 on Truspilot.ca, which makes it a good option.
How to apply for GoDay
The entire application process is paperless and must be done online. You must provide personal information, SIN, income and payroll details. You will also provide your banking details and verify your income and identity via bank account verification.
6. My Canada Payday
My Canada Payday is a fully-licensed online and in-store payday lender in Canada. It was founded, and 2008 and is a member of the Canadian Consumer Finance Association.
My Canada Payday offers a quick, convenient and easy-to-use online application process to provide short-term loans to Canadians. You can get up to $1500 in less than 15 minutes.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, NS, MB, ON, SK
Why we recommend My Canada Payday
- Get approved in under 5 minutes
- Instant e-transfers
- No prepayment penalties
- Accepts government assistance as income
Why we don’t recommend My Canada Payday
- Very high-interest rate
- No in-person service
- Poor customer service
- Require a minimum of $1,000 monthly income to qualify
- Short repayment term
Third-Party Reviews
My Canada Payday is rated 4.1 based on 896 reviews on Truspilot.ca, which makes it a good option.
How to apply for My Canada Payday
The entire application process is paperless and must be done online. You must provide personal information and agree to instant bank verification.
7. iCash
iCash is a Canadian Consumer Finance Association member and has provided short-term loans to over 500,000 Canadians since it was founded in 2014.
iCash provides short-term loans with flexible repayment terms and lets Canadians earn cashback. They offer up to $1500 with a quick and easy application process.
Loan Details
- Loan term: 7 to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, NS, MB, ON, NB, PEI
Why we recommend iCash
- e-Transfers in as little as two minutes
- Repayment flexibility with FlexCash
- Instant approval up to $1,500
- Free highly-rated app
- Earn up to 20% cashback for every loan you repay on time
Why we don’t recommend iCash
- Very high-interest rate
- Poor customer service
Third-Party Reviews
iCash is rated 4.8 based on 2,132 reviews on Truspilot.ca, which makes it a good option.
How to apply for iCash
The entire application process is paperless and must be done online. You must provide personal information and verify your income and identity via instant bank verification.
8. Blue Copper Capital
Founded in 2006, Blue Copper Capital offers payday loan solutions and other forms of financing, like personal loans, lines of credit, and business loans. They aim to help Canadians reach their financial goals with quick and easy short-term loans.
Loan Details
- Loan term: Up to 62 days
- Loan amount: Up to $1500
- APR: Varies by province
- Serviced province: AB, BC, SK
Why we recommend Blue Copper Capital
- Simple application process
- Get approved in as little as 20 minutes
- Repayment flexibility with FlexCash
- Offers discounts to Blue Copper Club members
- Mostly online service
Why we don’t recommend Blue Copper Capital
- Very high-interest rate
- Three references required
- Must be employed for three months to qualify
- Short repayment term
Third-Party Reviews
Blue Copper Capital is rated 4.9 based on 107 reviews on Truspilot.ca, which makes it a good option.
How to apply for Blue Copper Capital
The entire application process is paperless and must be done online. However, the process is more involved, as you must provide information about your landlord, job supervisor, driver’s license, bank account details, and three references. You must verify your income and identity via instant bank verification.
9. Speedy Cash
Speedy Cash offers payday loans in over 20 branches across BC, Alberta, Saskatchewan, and Nova Scotia. It was founded in 1998 and has since provided payday loans, online instalment loans, and cheque-cashing services in Canada.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $250 – $1500
- APR: Varies by province
- Serviced province: All Canadian provinces except Quebec and Prince Edward Island
Why we recommend Speedy Cash
- 24-hour application
- Apply in under 10 minutes and get funds through e-Transfer or direct deposit.
- Accepts government assistance as income
- No credit check
Why we don’t recommend Speedy Cash
- Very high-interest rate
- Short repayment terms
Third-Party Reviews
Speedy Cash is rated 4.8 based on 5,149 reviews on Truspilot.ca, which makes it a good option.
How to apply for Speedy Cash
You can apply in-store or online. You must provide personal information and verify your income and identity via instant bank verification.
10. Mr. Payday
Founded in 2002, Mr. Payday offers payday loans online in Alberta, BC, and Ontario. Their store location is located at Vancouver. They offer easy and fast payday loans with simple application processes. You can easily apply online from the convenience of your home.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, ON
Why we recommend Mr. Payday
- Apply easily with a five-minute application and get cash in under 30 minutes
- 24/7 customer support
- Accepts different forms of income
- High approval rate for applicants
Why we don’t recommend Mr. Payday
- Very high-interest rate
- Requires two months of consistent employment to qualify
- Two references needed
- Must earn at least $1,100 to qualify
Third-Party Reviews
Mr. Payday is rated 4.8 based on 1,412 reviews on Truspilot.ca, which makes it a good option.
How to apply for Mr. Payday
You must provide personal information and two references to apply and agree to instant bank verification.
How We Selected The Best Payday Loans in Canada
With the many payday lenders in Canada, it can be challenging to pick the best. We have selected these ten best payday loans based on each lender’s speed, eligibility criteria, availability, reputation, reviews, funding options, and application process.
- Reputation and Customer Feedback
Lenders with a solid online presence and many positive customer reviews on Trustpilot are considered the best picks for payday loans.
- Speed and Availability
Payday lenders differ in their turnaround times, but payday loans should be fast and always available. We selected based on lenders with instant approval and funding and with staff available 24/7.
- Application Process and Funding Options
Payday loans should have easy and quick application processes and funding. We prioritized lenders with easy online applications and Interac e-Transfer to make it easy for you.
- Eligibility Criteria
Payday lenders differ in their eligibility demands. We considered lenders that accept bad credit and multiple forms of income to pick the best.
RECOMMENDED READINGS:
- Guaranteed Payday Loans No Matter What Canada
- Best Online Payday Loans in Ottawa
- E-Transfer Payday Loans Canada 24/7
Final Thoughts on the Best Payday Loans in Canada
Payday loans can be a helpful resource for those facing unexpected financial difficulties, but they should only be considered as a last resort.
We have highlighted the 10 best payday loans in Canada in this article to help you make an informed decision. However, it’s important to remember that each lender has its own terms and conditions, and what may work for one person may not work for another.
So if you decide to take out a payday loan, use it responsibly and pay it back on time to avoid additional fees and the cycle of debt that often comes with these types of loans.
Always remember that borrowing money should never be taken lightly, and it’s always wise to explore all available options and consult with a financial advisor or credit counsellor before making any final decisions.
Stay financially responsible, and good luck with your financial journey!
